The News

Myriad Group Announces Strong Growth in Fiscal Year 2009

15/02/2010

• Pro forma revenues of USD 125.6 million, up 214% from FY 2008 (1)
• Order backlog of USD 128.1 million at 31 December 2009
• Cash balance of USD 38.4 million at 31 December 2009 with Net Cash of USD 29.5 million (2)
 
 
DUEBENDORF-ZURICH, Switzerland –  15 February 2010 – Myriad Group AG (SIX: MYRN), a global leader in mobile technology with software in over 2 billion phones, today announced preliminary key figures (unaudited) for its annual results in 2009.  Myriad achieved revenues of USD 125.6 million and confirms an order backlog of USD 128.1 million as of 31 December 2009. The Company’s cash position also increased strongly during the year to USD 38.4 million at 31 December 2009.
 
“When we announced the creation of Myriad Group in February last year we set ourselves the challenging revenue target of USD 125 million, I am pleased to confirm today that we have met that target.  Despite tough market conditions, Myriad has enjoyed the support of current and new customers to reinforce our claim to be Europe’s largest independent mobile software vendor,” said Simon Wilkinson, CEO of Myriad.
 
Revenue growth driven by Device Solutions division
The Device Solutions division – which provides software and engineering services to leading manufacturers of mobile phones and other devices – reported revenue of USD 112.6 million for FY 2009. Q4 revenues were USD 28.8m reflecting stable demand for products and services with closing backlog of USD 125.8m. Key trading highlights included the securing of a c. USD 5m renewal for messaging and browser with Samsung, the closure of a contract to deliver the next-generation ‘Open Internet Browser’ product to a key customer and the winning of a major engagement to deliver engineering services on the Android platform.

The Mobile Services division – which provides self-care services and other solutions for mobile network operators – reported revenue of USD 13.0 million for FY 2009 down USD 3.6 million year on year. Q4 revenues were USD 2.9m, up USD 0.3m on Q3, with a closing backlog of USD 2.3m. The year on year decline reflects a global slowdown in infrastructure spend by mobile network operators.  Following a leadership and sales team restructure, management believes the division is well placed to exploit the expected recovery in operator spending as well as emerging market growth in 2010.

In September 2009, Myriad announced the acquisition of Xumii Inc., a start-up company that pioneered the use of “cloud-based” technologies to connect mass-market phones to multiple social networks simultaneously. In December 2009, Myriad signed its first Xumii services agreement with a mobile network operator. Revenues for this Xumii deployment will begin in 2010 Q1 and be reported within the Mobile Services division.
The net cash position increased by USD 32.1 million during Fiscal Year 2009 reflecting USD 15.1m net cash from the acquisition of Purple Labs and USD 17.0m from underlying cash generation and strong working capital management. Cash & cash equivalents, short-term investments and marketable securities as at 31 December 2009 were USD 38.4 million.
 
(1)   Pro forma financial information disclosed in this news release reflects the entire Group’s financial results for the twelve months of 2009, as if Myriad’s acquisition of Purple Labs had closed on January 1, 2009.  Myriad believes that pro forma financial information provides more meaningful period-to-period comparisons of its performance, as under IFRS Purple Labs results have only been consolidated since April 1, 2009.  For more information, see the half-year report on the company’s website.
(2)   Cash balance includes USD 0.6 million of short-term investments and marketable securities. Net cash balance is stated after offsetting short-term and long-term interest-bearing loans.
                                           
 
 
Note: (1) Pro forma reflects the 2009 results including Purple Labs contribution for the entire twelve months period.
 
About Myriad
Myriad Group AG is a global leader in mobile technology and has shipped software in more than 2 billion devices. Its comprehensive portfolio includes browsers, messaging, Java, social networking, user interfaces and middleware for all types of mobile phones, from ultra-low cost handsets to advanced smartphones.
 
The company provides both individual components and complete solutions, which enable handset manufacturers and operators to deliver amazing experiences on mobile phones. Myriad also develops USSD-based customer self-care platforms that deliver over 10 billion messages a year to 220 million mobile users across more than 30 mobile operators worldwide.
 
Myriad was created from the combination of industry-leading companies, Esmertec and Purple Labs. It operates worldwide, with offices in Switzerland, France, UK, USA, Mexico, China, South Korea, Taiwan and Japan. Headquartered in Dübendorf-Zürich Switzerland, Myriad is listed on the SIX Swiss Exchange (SIX Symbol: MYRN).
 
 
Contacts
James Bodha                                     Richard Hornby      
Chief Financial Officer                         Investor Relations
Tel: +41 44 823 8900                         +41 44 823 8900
Email: investor_relations@myriadgroup.com